MIRA INFORM REPORT

Report No. :	341031
Report Date :	15.09.2015

IDENTIFICATION DETAILS

Name :	AGILENT TECHNOLOGIES SINGAPORE (SALES) PTE. LTD.
Registered Office :	480, Lorong 6, Toa Payoh, 16-01, Hdb Hub, 310480
Country :	Singapore
Financials (as on) :	31.10.2014
Date of Incorporation :	13.08.1999
Com. Reg. No.:	199904761-K
Legal Form :	Private Limited
Line of Business :	Trading of Electronic Tester and Measurements
No. of Employee :	260

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199904761-K
COMPANY NAME	:	AGILENT TECHNOLOGIES SINGAPORE (SALES) PTE. LTD.
FORMER NAME	:	AGILENT TECHNOLOGIES SINGAPORE (SALES) PTE LTD (14/08/1999)
INCORPORATION DATE	:	13/08/1999
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	480, LORONG 6, TOA PAYOH, 16-01, HDB HUB, 310480, SINGAPORE.
BUSINESS ADDRESS	:	1, YISHUN AVENUE 7, 768923, SINGAPORE.
TEL.NO.	:	65-62762622
FAX.NO.	:	65-68228405
EMAIL	:	CCC-SMT@AGILENT.COM
WEB SITE	:	WWW.CHEM.AGILENT.COM
CONTACT PERSON	:	CHEONG CHENG HUA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF ELECTRONIC TESTER AND MEASUREMENTS
ISSUED AND PAID UP CAPITAL	:	1,048,588.00 ORDINARY SHARE, OF A VALUE OF SGD 1,998,931.97
SALES	:	USD 676,336,000 [2014]
NET WORTH	:	USD 26,393,000 [2014]
BANKER (S)		OVERSEA-CHINESE BANKING CORPORATION LIMITED
STAFF STRENGTH	:	260 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	SLOW BUT CORRECT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY/ BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of electronic tester and measurements.

The immediate holding company of the Subject is AGILENT TECHNOLOGIES SINGAPORE (INTERNATIONAL) PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
23/06/2015	SGD 1,998,931.97

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
AGILENT TECHNOLOGIES SINGAPORE (INTERNATIONAL) PTE. LTD.	480, LORONG 6, TOA PAYOH, 16-01, HDB HUB, 310480, SINGAPORE.	200923087N	1,048,588.00	100.00
			---------------	------
			1,048,588.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEONG CHENG HUA
Address	:	8, BUTTERWORTH LANE, 12-09, BUTTERWORTH 8, 439423, SINGAPORE.
IC / PP No	:	S1695015G
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/11/2013

DIRECTOR 2

Name Of Subject	:	YANG ENG HUAT
Address	:	119, MARSILING RISE, 06-132, 730119, SINGAPORE.
IC / PP No	:	S1745013A
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/02/2004

DIRECTOR 3

Name Of Subject	:	CHOW WOAI SHENG
Address	:	503, SEMBAWANG ROAD, 04-29, SELETARIS, 757707, SINGAPORE.
IC / PP No	:	S7968397C
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/04/2015

DIRECTOR 4

Name Of Subject	:	CHARLES CHEE ENG CHUAN
Address	:	22, WILBY ROAD, 01-17, THE TESSARINA, 276306, SINGAPORE.
IC / PP No	:	S0035099J
Nationality	:	SINGAPOREAN
Date of Appointment	:	03/08/2007

MANAGEMENT

1)	Name of Subject	:	CHEONG CHENG HUA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	BDO LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MARY LYNNE TAN LI HUANG
	IC / PP No	:	S1654258Z
	Address	:	50, GOLDHILL AVENUE, 01-02, 309031, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200303857	08/08/2003	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose it's suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[		]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Goods Traded

:

ELECTRONIC TESTER AND MEASUREMENTS

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	260	260	260

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of electronic tester and measurements.

As the world's premier measurement company, Agilent offers the broadest range of innovative measurement solutions in the industry. The company's four businesses - Chemical Analysis, Life Sciences, Diagnostics and Genomics, and Electronic Measurement - provide customers with products and services that make a real difference in the lives of people everywhere.

Within life sciences & chemical analysis, its solutions are focused in the following markets; Pharmaceutical companies, biotechnology companies, academic and government laboratories, contract research organisations, contract marketing organisations, energy & fuels, environmental, food safety, forensics, bioagriculture and homeland security.

Its product areas are gas chromatography, liquid chromatography, mass spectrometry, microarrays, squencing target enrichment, microfluidics, ICP-MS, magnetic resonance, reagents, capillary electrophoresis, lab automation, software and informatics, vacuum technology and consumables and services.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62762622
Match	:	N/A
Address Provided by Client	:	1 YISHUN AVENUE 7,768923 SINGAPORE
Current Address	:	1, YISHUN AVENUE 7, 768923, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information on the Subject.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2011 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2014	]
Return on Shareholder Funds	:	Favourable	[	122.31%	]
Return on Net Assets	:	Unfavourable	[	8.09%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	12 Days	]
Debtor Ratio	:	Unfavourable	[	103 Days	]
Creditors Ratio	:	Unfavourable	[	118 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.05 Times	]
Current Ratio	:	Unfavourable	[	1.17 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1999, the Subject is a Private Limited company, focusing on trading of electronic tester and measurements. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. A paid up capital of SGD 1,998,932 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 260 staff in its operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 26,393,000, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

Financial Year End	2014-10-31	2013-10-31	2012-10-31	2011-10-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	676,336,000	1,588,253,000	1,590,329,000	1,595,736,000
Other Income	697,000	1,232,000	1,424,000	777,000
	----------------	----------------	----------------	----------------
Total Turnover	677,033,000	1,589,485,000	1,591,753,000	1,596,513,000
Costs of Goods Sold	(572,893,000)	(1,372,234,000)	(1,395,498,000)	(1,395,263,000)
	----------------	----------------	----------------	----------------
Gross Profit	104,140,000	217,251,000	196,255,000	201,250,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,558,000	4,177,000	3,596,000	3,854,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,558,000	4,177,000	3,596,000	3,854,000
Taxation	(848,000)	(2,093,000)	(893,000)	(557,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,710,000	2,084,000	2,703,000	3,297,000
Pre-acquisition profit/(loss)	30,570,000	-	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	32,280,000	2,084,000	2,703,000	3,297,000
Extraordinary items	-	-	-	(146,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	32,280,000	2,084,000	2,703,000	3,151,000
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	16,345,000	14,261,000	11,558,000	8,407,000
	----------------	----------------	----------------	----------------
As restated	16,345,000	14,261,000	11,558,000	8,407,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	48,625,000	16,345,000	14,261,000	11,558,000
DIVIDENDS - Ordinary (paid & proposed)	(30,134,000)	-	-	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	18,491,000	16,345,000	14,261,000	11,558,000
	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	584,000	800,000	854,000	823,000
	----------------	----------------	----------------	----------------
	584,000	800,000	854,000	823,000
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	486,000	948,000	2,110,000	1,928,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	486,000	948,000	2,110,000	1,928,000
Stocks	21,602,000	60,694,000	62,327,000	70,160,000
Trade debtors	190,736,000	164,026,000	174,740,000	204,303,000
Other debtors, deposits & prepayments	-	285,374,000	279,937,000	921,000
Short term deposits	-	4,997,000	5,328,000	-
Short term loan to financial institutions	-	-	-	3,922,000
Amount due from related companies	-	-	-	175,856,000
Cash & bank balances	4,148,000	1,388,000	1,565,000	1,607,000
Others	707,000	6,000	11,000	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	217,193,000	516,485,000	523,908,000	456,769,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	217,679,000	517,433,000	526,018,000	458,697,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	184,997,000	300,172,000	304,385,000	247,418,000
Other creditors & accruals	-	12,820,000	15,069,000	91,735,000
Deposits from customers	-	12,055,000	11,122,000	8,316,000
Provision for taxation	1,071,000	885,000	42,000	2,521,000
Other liabilities	-	87,638,000	83,266,000	17,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	186,068,000	413,570,000	413,884,000	350,007,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	31,125,000	102,915,000	110,024,000	106,762,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	31,611,000	103,863,000	112,134,000	108,690,000
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	5,085,000	47,085,000	47,085,000	47,085,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,085,000	47,085,000	47,085,000	47,085,000
Exchange equalisation/fluctuation reserve	-	-	-	11,000
Retained profit/(loss) carried forward	18,491,000	16,345,000	14,261,000	11,558,000
Employee share option reserve	-	2,866,000	2,892,000	-
Others	2,817,000	-	-	2,675,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	21,308,000	19,211,000	17,153,000	14,244,000
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	26,393,000	66,296,000	64,238,000	61,329,000
Deferred taxation	75,000	132,000	306,000	160,000
Others	5,143,000	37,435,000	47,590,000	47,201,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	5,218,000	37,567,000	47,896,000	47,361,000
	----------------	----------------	----------------	----------------
	31,611,000	103,863,000	112,134,000	108,690,000
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	4,148,000	6,385,000	6,893,000	1,607,000
Net Liquid Funds	4,148,000	6,385,000	6,893,000	1,607,000
Net Liquid Assets	9,523,000	42,221,000	47,697,000	36,602,000
Net Current Assets/(Liabilities)	31,125,000	102,915,000	110,024,000	106,762,000
Net Tangible Assets	31,611,000	103,863,000	112,134,000	108,690,000
Net Monetary Assets	4,305,000	4,654,000	(199,000)	(10,759,000)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	2,558,000	4,177,000	3,596,000	3,854,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	3,142,000	4,977,000	4,450,000	4,677,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	191,286,000	451,137,000	461,780,000	397,368,000
Total Assets	217,679,000	517,433,000	526,018,000	458,697,000
Net Assets	31,611,000	103,863,000	112,134,000	108,690,000
Net Assets Backing	26,393,000	66,296,000	64,238,000	61,329,000
Shareholders' Funds	26,393,000	66,296,000	64,238,000	61,329,000
Total Share Capital	5,085,000	47,085,000	47,085,000	47,085,000
Total Reserves	21,308,000	19,211,000	17,153,000	14,244,000
LIQUIDITY (Times)
Cash Ratio	0.02	0.02	0.02	0.00
Liquid Ratio	1.05	1.10	1.12	1.10
Current Ratio	1.17	1.25	1.27	1.31
WORKING CAPITAL CONTROL (Days)
Stock Ratio	12	14	14	16
Debtors Ratio	103	38	40	47
Creditors Ratio	118	80	80	65
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00
Liabilities Ratio	7.25	6.80	7.19	6.48
Times Interest Earned Ratio	0.00	0.00	0.00	0.00
Assets Backing Ratio	6.22	2.21	2.38	2.31
PERFORMANCE RATIO (%)
Operating Profit Margin	0.38	0.26	0.23	0.24
Net Profit Margin	4.77	0.13	0.17	0.21
Return On Net Assets	8.09	4.02	3.21	3.55
Return On Capital Employed	8.09	4.02	3.21	3.55
Return On Shareholders' Funds/Equity	122.31	3.14	4.21	5.38
Dividend Pay Out Ratio (Times)	0.93	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.102.54
Euro	1	Rs.75.32

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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